Date: 4/6/99 2:19 PM
Subject: File #S7-5-99
Dear Mr. Katz and SEC:
Although we agree on your recent changes to the Bulletin Board regarding
reporting companies be a pre-requesite, we strongly disagree with your
proposed rule changes that the market makers be legally resposible for the
accuracy of a company's financial statement. Not only does this rule go to
far, it is a very obvious step in putting small broker dealers, like myself,
out of business, regarding small offerings and the trading in the secondary
market of these small offerings.
Although I feel this e-mail will fall on deaf ears and the SEC and NASD will
continue to mandate rule changes to the NASD members, I feel that we have to
state our opinion. It is a shame that when a minority of traders or broker
dealers ( including some large firms) engage in breaking the securities
rules, that entire new rules are written and everyone is punished. We thank
you for your consideration of our opinions.
Sincerely,
George Arvanitis
CEO
ONYX Trading Corporation